StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory Raw materials Work in process Finished goods 28,000 21,800 79,000 $25,400 45,700 68,700 Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling. general, and administrative expenses Sales revenue $ 40,000 1,400 62,100 35,800 23,500 236,600 Required: 1. Based on the above information, prepare a cost of goods manufactured report. STORSMART COMPANY Cost of Goods Manufactured Report For the Month of March Direct Materials Used in Production Total Current Manufacturing Costs 0 Total Work in Process 0 Cost of Goods Manufactured 2. Based on the above information, prepare an income statement for the month of March. STORSMART COMPANY Income Statement For the Month of March Less: Cost of Goods Sol Cost of goods available for sale Cost of Goods Sold Net Income (Loss) from Operations